Amid expanding international sanctions over the invasion of Ukraine, Russia has been turning its attention to cryptocurrencies while concerns in the West are growing that the country may use them to circumvent financial restrictions.
The incentives to build the Russian infrastructure for the cryptocurrency market have increased, as sanctions have led to restrictions for Russian nationals on foreign exchanges.
According to the Finance Ministry, a growing number of them are willing to transfer their coins to the Russia.
The Russian crypto space remains only partially regulated with the law “On Digital Financial Assets” which went into force in January, 2021.
The Ministry of Finance is also working to address the aspects of crypto income taxation, the Tass news agency added.
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